INDEPENDENT BANK CORP
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
INDB$84.10-0.4%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
(Dollars in thousands)
| December 31 | ||
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Cash and due from banks | $187,849 | $178,861 |
| Interest-earning deposits with banks | 32,041 | 45,469 |
| Securities | ||
| Trading | 4,245 | 4,987 |
| Equities | 21,204 | 22,510 |
| Available for sale (amortized cost $1,353,964 and $1,459,862) | 1,250,944 | 1,334,256 |
| Held to maturity (fair value $1,291,801 and $1,417,608) | 1,434,956 | 1,569,107 |
| Total securities | 2,711,349 | 2,930,860 |
| Loans held for sale (at fair value) | 7,271 | 6,368 |
| Loans | ||
| Commercial and industrial | 3,047,671 | 2,925,823 |
| Commercial real estate | 6,756,708 | 6,695,671 |
| Commercial construction | 782,078 | 849,586 |
| Small business | 281,781 | 251,956 |
| Residential real estate | 2,460,600 | 2,424,754 |
| Home equity - first position | 490,115 | 518,706 |
| Home equity - subordinate positions | 650,053 | 578,920 |
| Other consumer | 39,372 | 32,654 |
| Total loans | 14,508,378 | 14,278,070 |
| Less: allowance for credit losses | (169,984) | (142,222) |
| Net loans | 14,338,394 | 14,135,848 |
| Federal Home Loan Bank stock | 31,573 | 43,557 |
| Bank premises and equipment, net | 193,320 | 193,049 |
| Goodwill | 985,072 | 985,072 |
| Other intangible assets | 12,284 | 18,190 |
| Cash surrender value of life insurance policies | 303,965 | 297,387 |
| Other assets | 570,447 | 512,712 |
| Total assets | $19,373,565 | $19,347,373 |
| Liabilities and Stockholders’ Equity | ||
| Deposits | ||
| Noninterest-bearing demand deposits | $4,390,703 | $4,567,083 |
| Savings and interest checking accounts | 5,207,548 | 5,298,913 |
| Money market | 2,960,381 | 2,818,072 |
| Time certificates of deposit | 2,747,346 | 2,181,479 |
| Total deposits | 15,305,978 | 14,865,547 |
| Borrowings | ||
| Federal Home Loan Bank borrowings | 638,514 | 1,105,541 |
| Junior subordinated debentures (less unamortized debt issuance costs of $28 and $30) | 62,860 | 62,858 |
| Subordinated debentures (less unamortized debt issuance costs of $20) | — | 49,980 |
| Total borrowings | 701,374 | 1,218,379 |
| Other liabilities | 373,093 | 368,196 |
| Total liabilities | 16,380,445 | 16,452,122 |
| Commitments and contingencies | — | — |
| Stockholders’ Equity | ||
| Preferred stock, $0.01 par value; authorized: 1,000,000 shares, outstanding: none | — | — |
| Common stock, $0.01 par value; authorized: 75,000,000 shares,issued and outstanding: 42,500,611 shares at December 31, 2024 and 42,873,187 shares at December 31, 2023 (includes 199,410 and 162,812 shares of unvested participating restricted stock awards, respectively) | 423 | 427 |
| Value of shares held in rabbi trust at cost: 78,088 shares at December 31, 2024 and 80,222 shares at December 31, 2023 | (3,383) | (3,298) |
| Deferred compensation obligation | 3,383 | 3,298 |
| Additional paid in capital | 1,909,980 | 1,932,163 |
| Retained earnings | 1,172,724 | 1,077,488 |
| Accumulated other comprehensive loss, net of tax | (90,007) | (114,827) |
| Total stockholders’ equity | 2,993,120 | 2,895,251 |
| Total liabilities and stockholders’ equity | $19,373,565 | $19,347,373 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.